Ever get that sinking feeling whenever you open a bill? That’s exactly how my buddy Mike felt recently—the dude was drowning in credit card debt, late fees piling up faster than laundry on a Sunday.
He asked me, “Who are the best licensed insolvency trustees in Toronto?” He thought I was the right guy to ask since I have an accounting degree.
Yes, I may have an accounting degree (fancy, right?), but when it comes to finding the best licensed insolvency trustees, I’m clueless.
Luckily, my old college crew and my favorite professor came to the rescue with some top-tier recommendations. I even interviewed some former clients of these trustees!
So, I’m here to share my newfound wealth (of knowledge, not actual money). If you’re feeling the financial squeeze, then ask for help from the best licensed insolvency trustees in Toronto.
How much are licensed insolvency trustee fees in Toronto?
Generally, licensed insolvency trustee fees in Toronto range from $1,500 to $3,000 but could be higher. Costs vary depending on the complexity of your case and the services needed.
Other factors include the amount of debt, number of creditors, and chosen solution (bankruptcy vs. proposal). Note that trustees usually provide a free initial consultation to discuss your options and potential costs.
How We Chose the Best Licensed Insolvency Trustees in Toronto
1. Hoyes, Michalos & Associates
Hoyes, Michalos & Associates has been around since 1999, helping tons of folks in Ontario ditch debt. They’re licensed insolvency trustees, which basically means they’re debt-fighters regulated by the government.
First off, the initial consultation is free, so you can chat without any pressure.
And they brag about a 99% success rate and zero upfront fees. They also claim they can whip you up a debt-free plan in just 30 minutes—a bit ambitious, but hey, we like their confidence.
Flexible payment options and a pre-authorized payment system are also available for those who hate remembering bills.
Plus, they even have a “Fresh Start” program with extra resources to get your finances back on track. Not bad!
Now, we heard a few whispers about slow reply times, but nothing major.
Hoyes, Michalos & Associates sincerely changed my life
“Hoyes, Michalos & Associates sincerely changed my life. The teams eagerness to help along with their expertise and extensive knowledge truly helped get me get my life back on track and I could not be more grateful! Thank you so much to Scott and the team!”
Ivan Ellis, Google Review
Hoyes, Michalos & Associates are fantastic
“Hoyes, Michalos & Associates are fantastic. They’ve given me great peace of mind in helping me deal with my finances. They are kind, compassionate and nonjudgemental. I highly recommend.”
Ken Schnell, Google Review
2. SPERGEL
Spergel was founded by Alan Spergel in 1990, and their main licensed insolvency trustee in the Danforth office is Graeme. He has helped tons of Toronto peeps navigate the debt recovery jungle.
Here’s the juicy part—they claim you can potentially slash your debt by a whopping 80% with a consumer proposal. Basically, they negotiate with your creditors to lower your debt and get you a manageable repayment plan.
We also love their 99% success rate for these proposals, which is pretty darn impressive.
Furthermore, you get your own personal trustee to guide you through the whole process—no hand-holding necessary.
Oh, and for those drowning in tax debt, Spergel can apparently help tackle that too! They can help stop tax penalties, reducing the overall amount you owe.
The only downside is that booking an appointment might be a bit of a challenge.
Spergel has been a great help for a fresh financial start
“Spergel has been a great help for a fresh financial start. I was going crazy thinking how will I ever pay off my debt until I spoke to Mina and Graeme at Spergel. They were so kind and understanding, they helped me through all the steps and considerations. They have been a great help. I am so glad I spoke to them and took a fresh start. I highly recommend Spergel Services to everyone in financial debt.”
Nazish Ali, Google Review
Dealing with the company Spergel has been excellent
“My experience dealing with the company Spergel has been excellent. The trustee I dealt with Graeme was extremely nice and easy to talk to explaining all details with clarity, allowing me feel comfortable during the process.”
Jamal Goddard, Google Review
3. MNP Debt
If you’re drowning in debt and feeling like nobody understands, MNP Debt might be your financial life raft! This Canadian giant boasts over 60 years of experience helping folks defeat the debt monster.
We’re impressed with their army of licensed insolvency trustees (over 65) across the country, so finding someone near you shouldn’t be an issue. And, all their trustees are federally licensed and have the fancy qualifications to prove it.
Now, onto the nitty-gritty—they offer a bunch of options to tackle your debt, from consumer proposals to personal bankruptcy. They even have insolvency counseling to help you budget and understand your finances better.
For those feeling overwhelmed by all the debt lingo, they provide info on stuff like debt consolidation and managing payday loans.
One small heads-up—we heard about a few communication hiccups here and there, wherein customers were not fully informed about some of their processes.
MNP is a fantastic company
“MNP is a fantastic company. I have never been so impressed with how easy it was to obtain their financial help, and how great and friendly the staff was! Would recommend.”
William Davidson, Google Review
My experience with MNP was amazing
“My experience with MNP was amazing. Sara was great at explaining the whole process, signing the documents, putting together the best proposal in line with my situation, etc. She also was great and gave me full support with calls I kept receiving from collection agencies and always felt she had my back.
Thank you Sara and thank you MNP.
Camilo Gonzalez, Google Review
4. Steve Welker and Company
Steve, the founder of Steve Welker and Company, comes from a real family business of debt relief. Apparently, the Welkers have been helping folks erase debt for over 30 years, so we think they know their stuff.
Steve believes in the Canadian insolvency system and the power of a good consultation, and he wants to empower you to overcome those financial hurdles.
We learned that they specialize in consumer proposals. Steve Welker, acting as your licensed insolvency trustee, negotiates with your creditors to reduce your overall debt amount.
He can also connect you with a credit counselor who will assess your financial situation, create a budget, and develop a plan to repay your debts.
We appreciate their weekly newsletter with money management tips—free financial advice? Score!
Sadly, some folks mentioned their not-so-stellar customer service. Not ideal, but hopefully, it’s not a deal-breaker.
Thank you for making my life easier
“Peace and mind stress has been lifted. Excellent company. They work with creditor for your Debt to be resolved. No money upfront. Monthly payments or every two weeks according to when you get paid from your job. Consumer Proposal. Thank you for making my life easier.”
Annik Sawyer, Google Review
Steve Welker & Company are amazing
“Steve Welker & Company are amazing 💯 they really helped me out in a financial bind. They listened to me, they discussed with me everything before I did anything. I would recommend Steve Welker to anyone looking for debt relief.”
Debbie Hagan, Google Review
5. David Sklar & Associates
For those struggling with debt, David Sklar & Associates might be your financial tow truck! This Toronto-based crew has been around since 1998, specializing in helping folks ditch debt and get back on track.
We’re impressed that they’re stacked with debt ninjas—a.k.a licensed insolvency trustees—who are also CIRPs (Chartered Insolvency and Restructuring Professionals). They offer free consultations, which is great for those on a budget.
Once you file a consumer proposal or go through bankruptcy with them, you can kiss those creditor calls and collection letters goodbye! They’ll handle all the communication, letting you breathe a sigh of relief.
They can even stop wage garnishments and those pesky collection agency calls—major stress-busters!
However, some customers told us about their encounters with a few rude agents.
I’m finally debt free!
“I’m finally debt free! I made the right decision by contacting David Sklar to help me with my debts. Grateful to his Associates, especially Cori Naron, she’s very approachable, knowledgeable and kind. She indeed helped me succeed (with her advices and experiences) to pay off my balance before my due date 😇. Her office at St. Clair Ave. West is very accessible as well. I can now focus with my other goals – for I am a mother of Four.”
Jan Toone, Google Review
Helped me get my finances back on track
“David Sklar & Associates helped me get my finances back on track after falling into major debt. They are very helpful and will give you advice to stay on track. Cori took personal interest in making sure I knew all my options and make the right choices for me and my own situation. Highly recommend!”
Davy Palumbo, Google Review